Do you know when the best time is to pivot your strategy?
Knowing when to pivot takes skill. You don’t want to go too early as you want to give the strategy enough time to play out. But, at the same time, you also don’t want to be too late where the business starts going in the opposite direction.
So how do you when to make the call that you should pivot your strategy? You don’t need to buy a crystal ball or practice the dark arts to see into the future. But, if you start noticing these trends, then it’s time to make adjustments to your strategy so you can start getting the results you need.
Results are Plateauing
Sure, you might be hitting your targets consistently month after month, but do you see the growth trajectory you need for your business to survive the long run? Achieving targets just means that you’re good at forecasting results. It doesn’t necessarily mean it’s in the interests of the company.
If your results are a little too consistent, then you need to alter your strategy to see how you can increase it. You should constantly be trying to exceed your targets. Try aiming for 10% above the goal, then 15%, and so on.
You’re Seeing the Same Patterns Month After Month
Do you see a solid start to the month, then a bit of a dip during the middle before finishing strong? Now ask yourself how many times you have seen this happen. It probably has been happening since the beginning of your tenure. So how do you change it?
While you still might be achieving the results you want to get, it only takes one month for this type of behaviour to change. So how are you preparing for this event? You need to know when to pivot so you can avoid this from ever happening.
Results Being to Dip
Not all businesses have access to daily results. However, it’s important data to measure. It can give you an indication if your strategy is heading in the right direction or if you need to make a call about pivoting.
You might start seeing the results start trickling in the wrong direction, and this is the sign that you need to pivot. 100% becomes 99%, then 98%, and so on. How long are you going to let this go on? That’s what your boss will be asking.
Volumes Begin Decreasing
While your results might start taking a turn in the wrong direction, there are other volumes worth keeping an eye on. For example, maybe your website isn’t getting as many visitors, or your phone prospects are decreasing.
It’s never a good idea to wait for customers to fall into your lap. If you start seeing these volumes heading in the wrong direction, then it’s a clear sign that you need to pivot your strategy before it’s too late.
What Else Can You Do?
Knowing when to pivot is just one adjustment you can make. There is always the option to throw out the original plan and start over. You could also branch out into other verticals. These are all possibilities, and only you can make this call.
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